VN, Singapore enhance economic, trade ties

Two-way trade has increased after Vietnam and Singapore upgraded the ties to a strategic partnership in 2013.

The event is part of activities held by the Viet Nam-Singapore Friendship Association (VSFA) in collaboration with the Vietnamese Embassy and relevant agencies in Singapore from November 26-29 on the occasion of the 45th anniversary of Viet Nam-Singapore diplomatic relations, and five years of their strategic partnership.

At the conference, Vietnamese firms said they want to bolster links with Singaporean sides so that they can join the regional and global supply chains in the context of digital economy and the Fourth Industrial Revolution.

Getting updated on Viet Nam’s investment policies and economic strategies, Singaporean companies spoke highly of Viet Nam’s economic prospects, and expressed their interest in expanding business operations in the country. They wished that the Vietnamese business climate will be further improved to welcome a new foreign investment wave as a wide range of free trade deals will soon take effect.

VSFA Chairman Vu Viet Ngoan lauded the friendship and comprehensive cooperation between Viet Nam and Singapore in all sectors. Since the nations upgraded the ties to a strategic partnership in 2013, two-way trade has increased year after year. Singapore is currently the 3rd largest trade partner of Viet Nam in ASEAN while the latter is the 5th trade largest of Singapore in the bloc.

As both sides are engaged in a number of free trade agreements, especially the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP), they will further boost bilateral relations and engage more deeply in the global value chain, he added.

On the occasion, the VSFA joined hands with the U.S.-ASEAN Business Council (USABC) to organise a talk connecting U.S. groups operating in Singapore and ASEAN and Vietnamese enterprises in the fields of finance, banking and innovation.

Participants discussed opportunities for U.S. firms to increase their investment in Viet Nam and pour more cash into local commercial banks, as well as those for Vietnamese firms to join regional and global supply chains.

Earlier on November 26, an exhibition displaying more than 30 paintings that feature the culture, land and people of Viet Nam and Singapore was opened, drawing the participation of more than 200 visitors who are Singaporean officials, representatives from diplomatic organisations and local people.-VNA